News & Insights

Keystone Partners Survey Reveals Boston’s C-suite Tech- Savviness

Posted
April 12, 2017

As Boston becomes a greater tech hub in the U.S.; many C-suite executives at Boston’s top industries are realizing technology and its security are critical to the success of their companies, according to a recent survey by Keystone Partners.

The Tech Savvy & Senior Executives Survey, which surveyed senior executives in Boston, was conducted by Essex Partners, a division of Keystone Partners. The purpose of this survey was to gain insight into how tech savvy senior executives, in the professional services, financial services, bio-pharma, non-profit and legal industries, deem themselves.

According to the survey responses, cyber security is considered the greatest technology challenge facing today’s businesses. There is also concern over “mobile workforce productivity” and “issues concerning constant systems updates.” The older the executive, the less confidence is expressed in the productivity of a mobile workforce, 44.2% of executives over the age of 46 expressed apprehensions: 30-45 (0%), 46- 55 (25.6%) and 56-70 (18.6%). Conversely, system updates are of greater concern to younger executives at 20%, while older executives showed less interest; 46-55 (7%) and 56-70 (12.9%).

The level of tech savviness is also an issue. 83% of younger C-suite executives, ages 30-45, consider it very important to be proficient in workforce technology, the older the executive (46-55:53%, 56-70:44%) the less important they regard tech savviness. This corresponds to the percent of these executives who believe they possess an excellent level of technical competency; 30-45 (100%), 46-55 (49%) and 56-70 (36%).

“Officers who hold executive positions are typically considered the most influential members of an organization; consequently, these executives set the company’s strategy, make higher-stake decisions and ensure day-to-day operations align with satisfying a company’s strategic goals,” said Howard Seidel, Senior Partner at Essex Partners. “However, since older executives don’t consider themselves as savvy as do younger employees it is worth wondering how the workforce will change once millennials take full control of the C-suite.”

With technology to continue evolving within industries, it is inevitable that training becomes a necessity. At 50%, respondents under age 45 have received the most training. 83% of this group also thinks that hiring senior team members who are current with the latest technology used by the workforce is very important.

“The expectations of millennials as they rise to senior leadership positions will continue to favor cross-channel and cross-platform experiences that are consistent, fast and provide actionable data, a must for the future of today’s companies,” said Elaine Varelas, Managing Partner at Keystone Partners.

Methodology:
Keystone Partners surveyed more than 1,032 senior executives in Boston, Massachusetts. The senior executives are clients and alumni of Essex Partners and Keystone Associates. Ten questions designed to assess senior executive perspective on the importance of tech savvy, plus three demographic questions were included in the survey.